0000950159-16-000727.txt : 20160916 0000950159-16-000727.hdr.sgml : 20160916 20160915174115 ACCESSION NUMBER: 0000950159-16-000727 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160915 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160916 DATE AS OF CHANGE: 20160915 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bancorp, Inc. CENTRAL INDEX KEY: 0001295401 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 233016517 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51018 FILM NUMBER: 161887878 BUSINESS ADDRESS: STREET 1: 409 SILVERSIDE ROAD CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 302-385-5000 MAIL ADDRESS: STREET 1: 409 SILVERSIDE ROAD CITY: WILMINGTON STATE: DE ZIP: 19809 8-K 1 bancorp8k.htm THE BANCORP, INC. FORM 8-K
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  September 15, 2016
 
The Bancorp, Inc.
(Exact name of registrant as specified in its charter)
 
Commission File Number:  000-51018
 
Delaware
  
23-3016517
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
409 Silverside Road
Wilmington, DE 19809
(Address of principal executive offices, including zip code)
 
302-385-5000
(Registrant's telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 

 
Item 7.01. Regulation FD Disclosure.

On September 15, 2016, The Bancorp, Inc. issued the press release attached hereto as Exhibit 99.1.  The information in this Current Report, including the exhibit hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.


Item 9.01                          Financial Statements and Exhibits

Exhibit
Number
Description
 
  
99.1
  

 
 
 
 

Signature(s)
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  September 15, 2016
The Bancorp, Inc.
   
 
By:  /s/ Paul Frenkiel
 
Name:  Paul Frenkiel
 
Title: Executive Vice President, Chief
          Financial Officer and Secretary

 
 
 
 
 
EXHIBIT INDEX
 
Exhibit
Number
Description
 
  
99.1
Press Release dated September 15, 2016
  

 
 


 EX-99.1 2 ex99-1.htm EXHIBIT 99.1
 
Exhibit 99.1
 
 The Bancorp Implements Cost Reduction Plan to Reduce Expenses and Improve Efficiencies
First Phase Involves Workforce Reduction

Wilmington, DE, Sept. 15, 2016 – The Bancorp, Inc. (NASDAQ: TBBK) today began the implementation of a board-approved cost reduction plan designed to streamline its businesses and corporate functions and better position the organization for the future. The first phase of the plan entailed a company-wide workforce reduction. The second phase will entail a close examination and identification of potential cost saving opportunities within the company's supply chain network.

"As part of a larger Strategic Plan, this necessary and difficult effort will create a financial services and technology company that is stronger, nimbler, and better equipped within the marketplace," said Damian Kozlowski, President and Chief Executive Officer. "We believe we can substantially lower our operating run rate by 20% to 25% without significantly affecting revenue and, ultimately, have a healthy operating leverage with double-digit business revenue and single-digit expense growth. We also believe we can take these actions without negatively impacting our remediation efforts or operating model controls. We express our sincere gratitude for the contributions of the employees affected by job eliminations and are committed to supporting them with important transitional information and resources."

About The Bancorp
With operations in the US and Europe, The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company's primary subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (U.S.), a top merchant sponsor bank, and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial leasing groups in the nation. For more information, please visit www.thebancorp.com.

Forward-Looking Statements
Statements in this release regarding The Bancorp's business are "forward-looking statements" that involve risks and uncertainties. These statements may be identified by the use of forward-looking terminology, including but not limited to the words "may," "believe," "will," "expect," "look," "anticipate," "estimate," "continue," or similar words. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp's filings with the SEC, including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of those filings. These risks and uncertainties could cause actual results to differ materially from those projected in the forward-looking statements. The forward-looking statements speak only as of the date of this press release. The Bancorp does not undertake to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law.

The Bancorp Media Relations
 Rob Tacey, Director, Public Relations